MARKETING MANAGEMNT

ASSIGNMENT

Ans 1) As a newly appointed product manager of Balaji Wafers, if I was asked to develop a
new product planning. I as a new product manager would setup a systematic, customer
driven, innovative product development process for finding and growing a new product. I
would have followed the eight major steps which are used in the new product development
process i.e. :-

Idea Idea Concept Marketing

Generation Screening Development Strategy
And testing Development

Business Product Test

analysis Development Marketing Commercialization

 Idea Generation: New product development begins with generation of idea. This is
the first step of new product development process. A company typically generates
thousands of ideas to find a suitable one. Sources of new product ideas include
internal sources and external sources like customers, competitors, distributors etc.

 Idea Screening : The next step in the new product development process is idea
screening. Idea screening means nothing else than filtering the ideas to pick out good
ones. In other words, all ideas generated are screened to spot good ones and drop poor
ones as soon as possible. While the purpose of idea generation was to create a large
number of ideas, the purpose of the succeeding stages is to reduce that number. The
reason is that product development costs rise greatly in later stages. Therefore, the
company would like to go ahead only with those product ideas that will turn into
profitable products. Dropping the poor ideas as soon as possible is, consequently, of
crucial importance.

 Concept Development and Testing: To go on in the new product development

process, attractive ideas must be developed into a product concept. A product concept
is a detailed version of the new-product idea stated in meaningful consumer terms.
You should distinguish

a. A product idea à an idea for a possible product

b. A product concept à a detailed version of the idea stated in meaningful
consumer terms
c. A product image à the way consumers perceive an actual or potential product .
  Concept development : Imagine a car manufacturer that has developed an all-
electric car. The idea has passed the idea screening and must now be developed
into a concept. The marketer’s task is to develop this new product into alternative
product concepts. Then, the company can find out how attractive each concept is
to customers and choose the best one.
 Concept testing : New product concepts, such as those given above, need to be
tested with groups of target consumers. The concepts can be presented to
consumers either symbolically or physically. The question is always: does the
particular concept have strong consumer appeal? For some concept tests, a word
or picture description might be sufficient. However, to increase the reliability of
the test, a more concrete and physical presentation of the product concept may be
needed. After exposing the concept to the group of target consumers, they will be
asked to answer questions in order to find out the consumer appeal and customer
value of each concept.

 Marketing strategy Development : The next step in the new product development
process is the marketing strategy development. When a promising concept has been
developed and tested, it is time to design an initial marketing strategy for the new
product based on the product concept for introducing this new product to the market.
The marketing strategy statement consists of three parts and should be formulated
carefully:

 A description of the target market, the planned value proposition, and the sales,
market share and profit goals for the first few years
 An outline of the product’s planned price, distribution and marketing budget for the
first year
 The planned long-term sales, profit goals and the marketing mix strategy.

 Business Analysis : Once decided upon a product concept and marketing strategy,
management can evaluate the business attractiveness of the proposed new product.
The fifth step in the new product development process involves a review of the sales,
costs and profit projections for the new product to find out whether these factors
satisfy the company’s objectives. If they do, the product can be moved on to the
product development stage.
 Product Development : The new product development process goes on with the
actual product development. Up to this point, for many new product concepts, there
may exist only a word description, a drawing or perhaps a rough prototype. But if the
product concept passes the business test, it must be developed into a physical product
to ensure that the product idea can be turned into a workable market offering. The
problem is, though, that at this stage, R&D and engineering costs cause a huge jump
in investment. The R&D department will develop and test one or more physical
versions of the product concept. Developing a successful prototype, however, can take
days, weeks, months or even years, depending on the product and prototype methods.
Also, products often undergo tests to make sure they perform safely and effectively.
This can be done by the firm itself or outsourced.
 Test Marketing : The last stage before commercialisation in the new product
development process is test marketing. In this stage of the new product development
process, the product and its proposed marketing programme are tested in realistic
 market settings. Therefore, test marketing gives the marketer experience with
marketing the product before going to the great expense of full introduction. In fact, it
allows the company to test the product and its entire marketing programme, including
targeting and positioning strategy, advertising, distributions, packaging etc. before the
full investment is made.

 Commercialisation : Test marketing has given management the information needed

to make the final decision: launch or do not launch the new product. The final stage in
the new product development process is commercialisation. Commercialisation means
nothing else than introducing a new product into the market. At this point, the highest
costs are incurred: the company may need to build or rent a manufacturing facility.
Large amounts may be spent on advertising, sales promotion and other marketing
efforts in the first year.

CONCLUSION
These steps will surely help Balaji Wafers to launch their new product in market as the new
product development process states the first thing is idea generation Balaji Wafers have to
come up with an innovative idea, it can be associated with any kind of idea be it a new
flavour or different shape of wafer or can be a completely new product. Then they will have
to choose the best idea of the pool of ideas which came up during idea generation and
screening has to be done so it can choose ideas which will be profitable in future. Now at
development and testing phase the Wafer company has to put their Idea into an actual
concept after various testing procedures. When a promising concept has been developed and
tested, it is time to design an initial marketing strategy for the new product based on the
product concept for introducing this new product to the market. Now the management can
evaluate the business attractiveness of the proposed new Wafer product. The new product
development process goes on with the actual product development. Now our concept of a
new wafer can be actually converted into a product and is ready to be tested into a realistic
marketing settings. Our new Wafer now can be launched into actual customers in the market
including targeting and positioning strategy, advertising, distributions, packaging etc. After
the results of test marketing it leads to the final decision whether to launch our new wafer or
not. This is the final commercialisation process which means introducing our new product
into the market.

Ans 2) INTRODUCTION

MARKET SEGMENTATION : Market segmentation is the process of dividing a target

marker into smaller, more defined categories. It segments customers and audiences into
groups that share similar characteristics such as demographics, interests, needs, or
location. The importance of market segmentation is that it makes it easier to focus
marketing efforts and resources on reaching the most valuable audiences and achieving
business goals. Market segmentation allows you to get to know your customers, identify
what is needed in your market segment, and determine how you can best meet those
needs with your product or service. This helps you design and execute better marketing
strategies from top to bottom.
BRAND POSITIONING : Brand positioning has been defined by Kotler as “the act of
designing the company’s offering and image to occupy a distinctive place in the mind of the
target market”. In other words, brand positioning describes how a brand is different from its
competitors and where, or how, it sits in customers’ minds.

A brand positioning strategy, therefore, involves creating brand associations in customers’

minds to make them perceive the brand in a specific way.

Why is brand positioning important ?

By shaping consumer preferences, brand positioning strategies are directly linked to

consumer loyalty, consumer-based brand equity, and the willingness to purchase the brand.
Effective brand positioning can be referred as the extent to which a brand is perceived as
favourable, different and credible in consumers’ minds.

 Brand Positioning creates market differentiation: Let’s face it: the world doesn’t
need another widget. However, if your company, products, or services provide a
unique proposition, resolve an unmet need, or deliver a desired experience, then
Brand Positioning will help you stand out from the crowd by articulating how you are
different.

 Brand Positioning breaks through the clutter of noise : A clear Brand Position
enables you to efficiently and effectively communicate and reach your target
audience. Every day, we’re bombarded with marketing and sales messages at every
corner. Everyone is vying for your time and attention. In the midst of all this noise,
your Brand Positioning breaks through the clutter by speaking directly to the people
you intend to attract.
 Brand Positioning enables you to compete on value (not price) :Whether your
brand is consumed by the mass market or is a limited luxury item, Brand
Positioning gives you clarity on your specific value. Your value is what you offer
customers, how it satisfies their needs best, and how the alternatives offered by
competitors are insufficient. Without Brand Positioning, you have nothing to offer but
ambiguity. No one values (or buys) ambiguity.

CONCEPT

The appropriate Segmentation Strategies for the new launch of Habbit which being a start-up
of health and nutrition and makes a consumer debut with a range innovative and delicious
products. The major steps in designing a customer value driven marketing segmentation
strategies for a new launch is as follows : -

 Demographic Segmentation
 Psychographic Segmentation.
 Behavioural Segmentation
 Geographic Segmentation
 Demographic Segmentation : Demographic segmentation is one of the most popular
and commonly used types of market segmentation. It refers to statistical data about a
group of people. Demographic Market Segmentation Examples :

Age, Gender, Income, Location, Family, Situation, Annual Income, Education Ethnicity

 Psychographic Segmentation : It categorizes audiences and customers by factors that

relate to their personalities and characteristics.

Psychographic Market Segmentation Examples :

 Personality traits
 Values
 Attitudes
 Interests
 Lifestyles
 Psychological influences
 Subconscious and conscious beliefs
 Motivations
 Priorities

Psychographic segmentation factors are slightly more difficult to identify than

demographics because they are subjective. They are not data-focused and require
research to uncover and understand.

 Behavioural Segmentation : While demographic and psychographic segmentation

focus on who a customer is, behavioural segmentation focuses on how the
customer acts.

a. PURCHASING HABITS
b. SPENDING HABITS
c. USER STATUS
d. BRAND INTERACTIONS
Behavioural segmentation requires you to know about your customer’s actions. These
activities may relate to how a customer interacts with your brand or to other activities
that happen away from your brand.

 Geographic Segmentation: Geographic segmentation is the simplest type of market

segmentation. It categorizes customers based on geographic borders.
Geographic Market Segmentation Examples : ZIP code, City, Country, Radius
around a certain location, Climate, Urban or rural
APPLICATION : The marketing segmentation strategies, as well as the segmentation
strategy of the market, plays an important as well as big role in providing help or in the
guiding process of the business in order to predict or anticipate the places or the locations,
where the products are mostly demanded or wanted by the customers that result in allowing
as well as providing the best consumer or customers experiences as well as customers
satisfaction, the loyalty of the customers as well as the base marketing respectively

As the newly launched product of the new start-up company, Habit: Health and Nutrition are
in the category of ice-creams, named as Habbit wise creams. As it is known to everyone that
cold edibles like ice creams are liked and appreciated as well as consumed by all the sections
of the market, from small children to elderly people. And the Habbit Wise Creams are made
completely natural as well as healthy by using real fruit pulps, so they should have to use the
perfect segmentation as well as the operational strategy in order to make a good market of the
products and theory should choose such locations, where a large population of citizens
resides. Some important questions that should be evaluated by the Habit company, are as
follows:
 Who will be the consumers?
 What will be the location of the consumers?
 What are the products in which the consumers are taking an interest?
 How the marketing, as well as promotional processes, are to be done?
 Why are the various segments interested as well as not interested in the services as well
as products of the business?
The above questions will help the company a lot in making or creating a strong base of
consumers or customers in order to capture the market with full efficiency as well as
effectiveness.

CONCLUSION :

The end that has been taken out by this specific investigation is that the market
segmentation methodology is required just as it is needed in a business or organization
to get the ideal or generally speaking construction of an arrangement about the market to
dispatch or bring a spic and span item into the market. Furthermore, the utilization of an
ideal division system of the market additionally helps in diminishing the odds of
misfortune by anticipating every one of the significant factors just as focuses at the
absolute starting point or at the beginning phase.

Ans 3 a) Introduction :Yes, I do think that the brand name “Clingers Gold” is right for the
top end segment because the company or the business organization, the Unique industries has
an existing brand of shorts as well as tops, named as the Clingers, which is one of the most
favourite brands of shirts in the overall country.

Concept and application

As the organisation or the organization, the Unique industries have current manufacturers of
the kinds of shirts and tops, and that's praised or favoured through the clients too and the
organisation additionally receives a superb reaction from the respective clients. Hence,
launching or introducing a top model or the gold model of the equal logo isn't a awful idea,
due to the fact because the Clingers are preferred through the clients, so the gold model can
also be preferred through the clients so that it will get the exceptional
merchandise. However, the organisation ought to additionally boom its fine and make the
goods a chunk higher than the normal Clingers logo, so that it will make the clients greater
happy and permit them to experience the distinction without difficulty through themselves
simply through touching the product only. However, if the organisation neglects the fine or
the pleasure of the clients in addition to the enjoy of the clients, then it is going to be pretty
unfair to the clients and it additionally ends in or bring about the lack of the newly released
model of the Clingers product, this is the Clingers Gold or the top model of the Clingers
respectively. As whilst the clients have been regarded or aware of the brand new or the
approaching in addition to the up to date model in their favourite logo of blouse and tops
categories, then pleasure and desire will upward thrust withinside the coronary heart and
thoughts concerning the clients, and they may additionally have a few expectancies with the
brand new merchandise too, what that they'd from the vintage ones. The organisation need to
must appearance and test all these items so that it will serve the clients with the exceptional
or the higher items in addition to services. It’s similar to the strategy used by Maruti Suzuki
as they have launched Nexa for their Premium and Luxury cars Like Ciaz and Baleno which
are the cars in top of the line in Maruti.

To conclude : Using the same name Clingers with an addition of the word Gold is not a bad
idea, because the brand has created a great capture over the market, and using the same name
as an updated version, will help the company a lot in launching the brand with a good profit.

Ans 3 b) INTRODUCTION : There are many important factors as well as elements that the
companies or business organizations must have to look after or check before launching or
introducing any new products to the markets in order to reduce the chances of facing critical
challenges. Additionally, if they will pay more than the previous existing products, then it is
quite common or general to expect a better quality of the products too.

CONCEPT AND APPLICATION:

The factors which must be evaluated at the primary stage before introducing any product to
the market . some of the factors are :

 Price: the next most important factor is the price. And to make a product successful,
the price always may be below the price of the competitor products.

 Timing: timing is the main factor for the ideal dispatch of another item and the hour
of Christmas, the new year and different celebrations are the best an ideal opportunity
to dispatch items.

 Promotion: another important factor that helps in reaching the products to more
customers, is the process of promotion. And nowadays the promotional process is
very much easy with the help of the internet.

 Packaging: another factor that plays an important role is the packaging process. The
packaging of the products is always to be innovative as well as attractive in order to
catch the attention of the customers.

 Knowing your competition :

 Equally important is to be aware of your competition’s marketing strategies and range
of products. You don’t want to launch only to find out that your competitor is
bringing out a newer, cheaper (or more prestigious/expensive) product the next day.

CONCLUSION : By studying these factors of launching a new product it states that these
factors are significant just as fundamental that are to be determined and assessed prior to
dispatching any new item to improve execution just as the best yield. Consumer loyalty just
as the client's encounters that are redone are predominantly prompted or brings about
significant level unwaveringness of the clients just as better engaged crusading of the
business sectors.